The James-Myers Multifamily Team of Marcus & Millichap Announces the Offering of Newly Constructed 15Twelve Apartments
AUSTIN, TEXAS – 15Twelve is a uniquely designed urban asset completed in October 2014. The property is comprised of 19 spacious units and offers eight distinct floor plans. The interior of each unit is custom designed, providing a well lit living space through use of highrise-style windows and recessed can lighting. Unit flooring is made up of hand-laid long wood plank, while openly designed kitchens are equipped with custom barn-style cabinets, ample granite countertop space, and brand new stainless steel appliances. Residents of 15Twelve enjoy access to a luxurious rooftop swimming pool, a state of the art glass-enclosed fitness center, reserved covered parking, and an exquisite downtown Austin skyline view. The development is equipped with a commercial-grade full fire suppression system as well as a wireless fire alarm monitoring system.
Highly Sought-After Tarrytown Neighborhood
The affluent Tarrytown neighborhood is one of the most desirable places to live in the Austin infill. Known for its history and character, Tarrytown is predominantly comprised of single family residences and condominiums with a limited supply of multifamily units and development opportunities. Tarrytown is home to several well preserved parks and bike and hiking trails as well as the Lions Municipal Golf Course, which is open to the public. The area is bound by Lady Bird Lake to the west and Mopac to the east, giving residents of the neighborhood immediate proximity to downtown Austin.
Unique Development in a Central Infill Austin Location
Downtown rents are the highest in the Austin metro, which noted an average effective rent of about $2.10 PSF and an average occupancy of 97% at the end of 2014. Austin’s rental market is expected to continue to remain strong supported by above average job growth, in-migration, and household formation. Absorption of new apartment units was positive in 2014. Expected delivery of new, high-end apartment units is anticipated to be well absorbed during 2015 as supported by the continued growth and hiring in the tech sector, which pay some of the highest salaries in the nation relative to cost of living and attract members of Austin’s prime renter age cohort. The median household income within one mile from 15Twelve is approximately $107,000 as of 2014.
All Cash Financing
This investment opportunity is being offered on an all cash basis, allowing for unrestricted financing options and the ability to capitalize on today’s low interest rate environment.
Joe James | firstname.lastname@example.org | 512-338-7852
Kent Myers | email@example.com | 512-338-7853
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The James-Myers Multifamily Team of Marcus & Millichap has participated in the sale of more than 63 transactions since 2007 totaling over 13,000 units and more than $730 Million in sales across Texas. Contact us for acquisitions, dispositions, property evaluations or market information for your Texas apartments.